Target Group comments on Spring Statement

26 March 2025

Melanie Spencer, sales and growth lead at Target Group, said:

“Much to the dismay of the mortgage market and the wider housing sector, there was nothing really earth shattering to come out of today’s statement. It was interesting to see the OBR predict that the Government will come close to its housebuilding targets by the end of the parliament, although we still lack any further updates on how potential borrowers will be supported in buying these properties. In just one measure, it would have been great to see changes to the Lifetime ISA to make it fit for purpose in today’s climate and property market.

“The same is also true for measures to help speed up the homebuying process, with no further progress announced – leaving lenders, platform providers and technology firms to do much of the heavy lifting.

“As announced prior, the Chancellor focused on reforms to the welfare system, all while aiming to cut some of the fat to make the government leaner and more efficient. She confirmed the use of AI tools to help modernise the state. Given that we have already seen examples of bias within government AI systems – ones detecting welfare fraud no less – the government will have to tread the same careful line as financial services when implementing AI systems and make use of key partners and integrations to deliver innovation and efficiency while minimising risk.”